Slides
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NOVEMBER 3, 2026 Q3 2026 Earnings Call
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2Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Safe Harbor Statement This presentation contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx , Inc., Dark Blue Therapeutics, Ltd. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon’s business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this presentation and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all. This presentation includes GAAP and non-GAAP financial measures. In accordance with the requirements of SEC Regulation G, reconciliations between these two measures, if these slides are in hard copy, accompany the hard copy presentation or, if these slides are delivered electronically, are available on the Company's website at www.amgen.com within the Investors section.
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3Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Amgen delivered another strong quarter as our strategy for long-term growth continued to produce results across the enterprise. The strength of our commercial portfolio, combined with important clinical advances and a promising late- stage pipeline, reinforces our confidence in Amgen’s ability to deliver durable growth well into the next decade. *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section; **Q3 ’26 YoY growth; ***Innovative Oncology includes Blincyto®, Imdelltra®, Kyprolis®, Lumakras®, Nplate®, and Vectibix® EPS = earnings per share; YoY = year over year; 1L = first-line; Ph3 = Phase 3; ACR = American College of Rheumatology; EoE = eosinophilic esophagitis; ACG = American College of Gastroenterology; UEGW = United European Gastroenterology Week; DLE = discoid lupus erythematosus; Ph2 = Phase 2; EADV = European Academy of Dermatology and Venereology; PMN = primary membranous nephropathy. IMFINZI® is a registered trademark of AstraZeneca. Robert A. Bradway Chairman and CEO Amgen Inc. Q3 2026 Financial Highlights Six Key Growth Drivers Supporting Continued Growth $2.1B R&D Expense* ▲ 11% YoY $6.45 EPS* ▲ 14% YoY $10.4B Total Revenue s ▲ 8% YoY 47% Operating Margin* +43% +26% BIOSIMILARS +39% +21% +37% +21% RARE DISEASE ** ** INNOVATIVE ONCOLOGY*** ** ** ** ** Q3 2026 R&D Highlights IMDELLTRA® Presented positive overall survival benefit in 1L maintenance from Ph3 DeLLphi-305 study with IMDELLTRA plus IMFINZI ® vs. IMFINZI® alone Approved for reduced monitoring for the first two doses in the U.S. Dazodalibep Announced positive results in systemic Sjogren’s disease from Ph3 OASIZ 301 study, full data to be presented at ACR Convergence in November TEZSPIRE® Presented positive results in EoE from Ph3 CROSSING study at ACG and UEGW in October Daxdilimab Presented positive results in DLE from Ph2 study at EADV in September UPLIZNA® Initiated a new Ph3 in PMN InflammationRare DiseaseOncology
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4Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Commercial Update
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5Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Broad-Based Growth Continued Across Our Portfolio in Q3 2026 8% Total Revenue Growth 17 Products with at least double-digit sales growth 17 Products are annualizing at $1B+ based on Q3 sales
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6Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Six Key Growth Drivers Grew 27% YoY, Representing More than 70% of Q3 Product Sales, Demonstrating Broad Portfolio Growth $9.9B Product Sales Q3 ’26 +8% YoY Rare Disease Innovative Oncology* Biosimilars $1.1B $0.8B $0.5B $1.6B $2.1B $1.0B *Innovative Oncology includes Blincyto®, Imdelltra®, Kyprolis®, Lumakras®, Nplate®, and Vectibix® YoY = year over year.
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7Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Repatha®, EVENITY®, and TEZSPIRE® Are Expanding Treatment Options in Large, Underserved Markets *Q3 ’26 YoY growth LDL-C = low-density lipoprotein cholesterol; CRSwNP = chronic rhinosinusitis with nasal polyps. EVENITY® is developed and commercialized in collaboration with UCB globally, as well as our collaboration partner Astellas in Japan. TEZSPIRE® is being developed in collaboration with AstraZeneca. Reaching more patients across primary care and cardiology ~100M patients not at LDL-C goal Helping address fracture risk through a bone-building-first approach Broadening treatment options across severe asthma and CRSwNP +37%* +39%* +43%*
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8Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Rare Disease, Innovative Oncology, and Biosimilars Continue to Drive Broad Portfolio Growth RARE DISEASE INNOVATIVE ONCOLOGY** BIOSIMILARS UPLIZNA® is bringing a differentiated treatment option to patients across NMOSD, IgG4-RD, and gMG IMDELLTRA® demonstrated positive overall survival benefit in first-line maintenance setting in SCLC; reduced monitoring PAVBLU® adoption building among retina specialists +21%* +21%* +26%* *Q3 ’26 YoY growth; **Innovative Oncology includes Blincyto®, Imdelltra®, Kyprolis®, Lumakras®, Nplate®, and Vectibix® NMOSD = neuromyelitis optica spectrum disorder; IgG4-RD = immunoglobulin G4-related disease; gMG = generalized myasthenia gravis; SCLC = small cell lung cancer.
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R&D Update
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10Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Accelerating Science to Fight the World’s Toughest Diseases THERAPEUTIC AREAS MODALITIES AI & DATA Small Molecules | siRNA | Biologics Accelerating Discovery & Development with AI at Scale General Medicine | Rare Disease Inflammation | Oncology siRNA = small interfering ribonucleic acid; AI = artificial intelligence.
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11Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. UPLIZNA® (Autoimmune hepatitis) UPLIZNA® (Primary Membranous Nephropathy) UPLIZNA® (Chronic inflammatory demyelinating polyneuropathy)* TEPEZZA® (Thyroid eye disease)† TAVNEOS® (ANCA-associated vasculitis in 6 to <18 years of age) Dazodalibep (Systemic Sjögren’s disease)† Dazodalibep (Symptomatic Sjögren’s disease) TEZSPIRE® (Eosinophilic esophagitis)† TEZSPIRE® (Chronic obstructive pulmonary disease) Phase 3 Pipeline with Breadth and Depth Across All Four Therapeutic Areas TEZSPIRE® is being developed in collaboration with AstraZeneca. * Study initiation anticipated in H2 2026 - H1 2027; † Phase 3 data reported out Q3 2026 GLP-1 = glucagon-like peptide-1; ASCVD = atherosclerotic cardiovascular disease; ANCA = active antineutrophil cytoplasmic antibody; B-ALL = B-cell precursor acute lymphoblastic leukemia; 1L = first-line; ES-SCLC = extensive-stage small cell lung cancer; LS-SCLC = limited-stage small cell lung cancer; 2L = second-line; mCRPC = metastatic castration resistant prostate cancer; CRC = colorectal cancer; NSCLC = non-small cell lung cancer; CIT = chemotherapy-induced thrombocytopenia; ITP = immune thrombocytopenia. MariTide (Chronic weight management) MariTide (Chronic weight management maintenance extensions) MariTide (Switching from weekly GLP-1 therapies) MariTide (ASCVD) MariTide (Heart failure) MariTide (Obstructive sleep apnea) MariTide (Type 2 diabetes) Olpasiran (ASCVD) Olpasiran (Primary prevention) Olpasiran (Plaque changes in ASCVD) Pursuing Novel Innovative Molecules and Late-Stage Expansions in Phase 3 Studies BLINCYTO® (B-ALL) IMDELLTRA® (1L maintenance in ES-SCLC)† IMDELLTRA® (1L induction & maintenance in ES-SCLC) IMDELLTRA® (LS-SCLC) IMDELLTRA® (Subcutaneous tarlatamab in 2L ES-SCLC) Xaluritamig (Post-taxane mCRPC) Xaluritamig (Chemo-naïve mCRPC) LUMAKRAS® (1L CRC) LUMAKRAS® (1L NSCLC) Nplate® (CIT)† Nplate® (Untreated primary ITP) General Medicine OncologyInflammationRare Disease Biosimilars ABP 206 (Investigational biosimilar to OPDIVO ®, nivolumab)† ABP 234 (Investigational biosimilar to KEYTRUDA ®, pembrolizumab)† ABP 692 (Investigational biosimilar to OCREVUS ®, ocrelizumab) ABP 938 (8 mg) (Investigational biosimilar to EYLEA HD ®, aflibercept)
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12Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 2026 is a Year of Disciplined Data Generation IMDELLTRA® Presented positive overall survival benefit in 1L maintenance in ES-SCLC from Ph3 DeLLphi-305 study with IMDELLTRA + IMFINZI® vs. IMFINZI® alone at ESMO Approved for reduced monitoring of 6-8 hours for the first two doses in the U.S. Dazodalibep Announced positive results in Sjogren’s with moderate-to-severe systemic disease from Ph3 OASIZ 301 study, detailed data will be presented as a late-breaking oral presentation at ACR Convergence in November TEZSPIRE® Presented positive results in EoE from Ph3 CROSSING study at ACG and UEGW in October Daxdilimab Presented positive results in DLE from Ph2 study at EADV in September REPATHA® Presented pre-specified analyses of the Ph3 VESALIUS-CV study on the protective effects of Repatha® on fatal outcomes and non-CV death at ESC in August UPLIZNA® Initiated a new Ph3 in Primary Membranous Nephropathy Presented Ph3 MINT 1-year OLP data in gMG at AANEM in September General Medicine InflammationRare Disease Oncology 43K PATIENTS ON STUDY * Including Pipeline Trials and Real-World Evidence Trials. ES-SCLC = extensive-stage small cell lung cancer; Ph3 = Phase 3; ESMO = European Society of Medical Oncology; ACR = American College of Rheumatology; EoE = eosinophilic esophagitis; ACG = American College of Gastroenterology; UEGW = United European Gastroenterology Week; DLE = discoid lupus erythematosus; Ph2 = Phase 2; EADV = European Academy of Dermatology and Venereology; non-CV = non-cardiovascular; ESC = European Society of Cardiology; OLP = open-label period; gMG = generalized myasthenia gravis; AANEM = American Association of Neuromuscular & Electrodiagnostic Medicine. IMFINZI® is a registered trademark of AstraZeneca. 297 CLINICAL TRIALS* Snapshot as of Sep 30, 2026.
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13Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. STUDY INITIATIONS STUDY COMPLETIONS MAJOR APPROVALS Anticipated Milestones in 2026 TEPEZZA® Phase 3 on-body injector (OBI) in H1 Dazodalibep Phase 3 systemic Sjögren’s disease in H2 Dazodalibep Phase 3 symptomatic Sjögren’s disease in Q4 TEZSPIRE® Phase 3 eosinophilic esophagitis (EoE) in H2 Sunakiment Phase 2 asthma in H1 MARITIDE Phase 3 Switching from weekly GLP-1 therapies MARITIDE Phase 3 CWM maintenance extensions (2 studies) MARITIDE Phase 3 type 2 diabetes mellitus (✓ 1 study, with 2 more in Q4 2026) UPLIZNA® Phase 3 AIH in H2 UPLIZNA® Phase 3 PMN UPLIZNA® Phase 3 CIDP in H2 2026 – H1 2027 UPLIZNA® Generalized myasthenia gravis (gMG) in EU IMDELLTRA® Approvals and label updates in multiple geographies, including EU, China, and Japan. IMDELLTRA® Reduced monitoring down to 6-8 hours for the first two doses in the U.S. ✓= completed milestone; GLP-1 = glucagon-like peptide-1; CWM = chronic weight management; AIH = autoimmune hepatitis; PMN = primary membranous nephropathy; CIDP = chronic inflammatory demyelinating polyneuropathy. General Medicine OncologyInflammationRare Disease ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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14Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Key Data Presented in Q3 2026 IMDELLTRA® in 1L Maintenance ES -SCLC Phase 3 DeLLphi-305 IMDELLTRA® in 1L Maintenance ES -SCLC Phase 1b DeLLphi-303 long-term follow up Scan this QR code to download the presentation 1L = first-line; 2L = second-line; ES-SCLC = extensive-stage small cell lung cancer. Copies of the materials obtained through QR codes are for personal use only and may not be reproduced without written permission of the authors. Scan this QR code to download the publication IMDELLTRA® in 2L ES-SCLC Phase 3 DeLLphi-304 long-term follow up Scan this QR code to download the publication Scan this QR code to download the presentation Scan this QR code to download the poster
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15Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Key Data Presented in Q3 2026 TEZSPIRE® in Eosinophilic Esophagitis Phase 3 CROSSING Materials can be accessed at https://congressdata.amgenmedinfo.com Daxdilimab in DLE Phase 2 Study Copies of the materials obtained through the hyperlinked URL or QR codes are for personal use only and may not be reproduced without written permission of the authors. Scan this QR code to download the presentation DLE = discoid lupus erythematosus
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16Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Financial Update
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17Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Q3 2026 Financials Reflect Strong Execution $0.6B47% $3.7B +8%* +11%* +14%* Earnings Per Share** $6.45 R&D Investment** $2.1B Total Revenues $10.4B Operating Margin** (% of product sales) Free Cash Flow** Capital Expenditures *Year over year growth; **Non-GAAP financial measure — if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section. R&D Investments** of $2.1B increased 11% YoY with an operating margin** of 47%
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18Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Q3 2026 Non-GAAP Financials Reflect Strong Execution All income statement items for Q3 ’26 and/or Q3 ’25, except revenues, are non-GAAP financial measures — if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section. Totals may not sum and percentages may not recalculate due to rounding. EPS = earnings per share; Inc = increase; Decr = decrease. $ Billions, Except Non-GAAP EPS Revenues $10.4 $9.6 8% Product Sales $9.9 $9.1 8% Other Revenues 0.5 0.4 15% Operating Expenses 5.7 5.3 8% Operating Income % of product sales 4.7 47.3% 4.3 47.1% 9% Net Income 3.5 3.1 15% EPS $6.45 $5.64 14% Q3 ’26 Q3 ’25 % Inc/(Decr)
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19Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Cash Flow Data Capital Expenditures $0.6 $0.4 Depreciation $0.2 $0.2 Intangible Asset Amortization $0.9 $1.1 Free Cash Flow* $3.7 $4.2 Share Repurchases $0.0 $0.0 YoY Dividend Increase 6% 6% Dividends Paid Per Share $2.52 $2.38 Balance Sheet Data Cash and Cash Equivalents $13.2 $9.1 Debt Outstanding $54.0 $54.6 Cash Flow and Balance Sheet Data as of Q3 ’26 *Non-GAAP financial measure — if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section. YoY = year over year. $ Billions, Except Dividends Paid Per Share Q3 ’25 9/30/26 12/31/25 Q3 ’26
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20Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 2026 Guidance *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, or amounts pertain to previously issued financial guidance, see reconciliations available at: www.amgen.com within the Investors section. EPS = earnings per share. Revenues $38.9B – $39.7B $38.2 – $39.4B Non-GAAP EPS* $22.90 – $23.70 $22.30 – $23.50 Non-GAAP Tax Rate* 15.0% – 16.5% 15.0% – 16.5% Capital Expenditures ~$2.6B ~$2.6B Current Guidance Previous Guidance
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21Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Q&A
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22Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Reconciliations
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23Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 23 23 Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per - share data) (Unaudited) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Revenues: Product sales $ 9,883 $ 9,137 $ 27,638 $ 25,781 Other revenues 482 420 1,399 1,104 Total revenues 10,365 9,557 29,037 26,885 Operating expenses: Cost of sales 2,788 3,082 8,343 9,061 Research and development 2,111 1,900 5,698 5,130 Selling, general and administrative 1,680 1,720 5,027 5,098 Other 76 329 79 1,236 Total operating expenses 6,655 7,031 19,147 20,525 Operating income 3,710 2,526 9,890 6,360 Other income (expense): Interest expense, net (653) (685) (1,983) (2,102) Other income, net 1,629 2,080 1,631 3,204 Income before income taxes 4,686 3,921 9,538 7,462 Provision for income taxes 822 705 1,480 1,084 Net income $ 3,864 $ 3,216 $ 8,058 $ 6,378 Earnings per share: Basic $ 7.14 $ 5.98 $ 14.92 $ 11.86 Diluted $ 7.08 $ 5.93 $ 14.79 $ 11.77 Weighted-average shares used in calculation of earnings per share: Basic 541 538 540 538 Diluted 546 542 545 542
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24Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 24 24 Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) September 30, December 31, 2026 2025 (Unaudited) Assets Current assets: Cash and cash equivalents $ 13,190 $ 9,129 Trade receivables, net 10,353 9,570 Inventories 6,389 6,225 Other current assets 4,431 4,133 Total current assets 34,363 29,057 Property, plant and equipment, net 8,884 7,913 Intangible assets, net 19,536 22,276 Goodwill 18,664 18,680 Other noncurrent assets 14,601 12,660 Total assets $ 96,048 $ 90,586 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 20,833 $ 20,890 Current portion of long-term debt 2,398 4,599 Total current liabilities 23,231 25,489 Long-term debt 51,609 50,005 Long-term deferred tax liabilities 1,278 1,366 Long-term tax liabilities 2,934 2,690 Other noncurrent liabilities 2,644 2,378 Total stockholders’ equity 14,352 8,658 Total liabilities and stockholders’ equity $ 96,048 $ 90,586 Shares outstanding 541 539
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25Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 25 25 Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited)
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26Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 26 26 Amgen Inc. GAAP to Non-GAAP Reconciliations (In millions, except per-share data) (Unaudited) (Continued from previous slide) Three months ended September 30, 2026 Three months ended September 30, 2025 GAAP Non-GAAP GAAP Non-GAAP Net income $ 3,864 $ 3,520 $ 3,216 $ 3,055 Shares (Denominator): Weighted-average shares for diluted EPS 546 546 542 542 Diluted EPS $ 7.08 $ 6.45 $ 5.93 $ 5.64 Nine months ended September 30, 2026 Nine months ended September 30, 2025 GAAP Non-GAAP GAAP Non-GAAP Net income $ 8,058 $ 9,742 $ 6,378 $ 8,962 Shares (Denominator): Weighted-average shares for diluted EPS 545 545 542 542 Diluted EPS $ 14.79 $ 17.88 $ 11.77 $ 16.54 The following table presents the computations for GAAP and non-GAAP diluted earnings per share: a. The adjustments related primarily to noncash amortization of intangible assets acquired in business combinations and, in certain periods, amortization of inventory fair value step-up. b. The adjustments included noncash amortization of intangible assets acquired in business combinations and acquisition-related expenses related to our Horizon acquisition. c. For the three and nine months ended September 30, 2025, the adjustments related to intangible asset impairment charges for Otezla®. d. The adjustments included changes in the fair value of contingent consideration liabilities and certain items associated with legal proceedings. e. The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization and impairments of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost-savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three and nine months ended September 30, 2026, was 25.9% and 13.1%, respectively, compared to 44.0% and 16.9%, respectively, for the corresponding periods of the prior year. f. The adjustments related to certain acquisition-related, prior-period and other items excluded from GAAP earnings.
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27Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 27 27 Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net cash provided by operating activities $ 4,241 $ 4,684 $ 10,432 $ 8,355 Net cash used in investing activities (649) (414) (1,934) (1,250) Net cash used in financing activities (4,391) (2,853) (4,437) (9,633) (Decrease) increase in cash and cash equivalents (799) 1,417 4,061 (2,528) Cash and cash equivalents at beginning of period 13,989 8,028 9,129 11,973 Cash and cash equivalents at end of period $ 13,190 $ 9,445 $ 13,190 $ 9,445 Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net cash provided by operating activities $ 4,241 $ 4,684 $ 10,432 $ 8,355 Capital expenditures (587) (436) (1,812) (1,216) Free cash flow $ 3,654 $ 4,248 $ 8,620 $ 7,139
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28Provided Nov. 3, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 28 28 Amgen Inc. Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for the Year Ending December 31, 2026 (Unaudited) GAAP diluted EPS guidance $18.34 — $19.28 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 5.99 — 6.13 Net gains from equity investments (1.70) Other 0.13 Non-GAAP diluted EPS guidance $22.90 — $23.70 GAAP tax rate guidance 14.5 % — 16.0 % Tax rate of known adjustments discussed above 0.5% Non-GAAP tax rate guidance 15.0 % — 16.5 % Reconciliation of GAAP Tax Rate Guidance to Non-GAAP Tax Rate Guidance for the Year Ending December 31, 2026 (Unaudited) * The known adjustments are presented net of their related tax impact, which amounts to approximately $0.70 per share. (a) The adjustment primarily includes noncash amortization of intangible assets and fair value step-up of inventory acquired in business combinations. Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.